High Tide Begins Selling Cannabis Seeds In The U.S. Expanding Its Customer Base

High Tide Inc. HITI HITI 2LYA, has begun selling cannabis seeds in the United States, initially through its wholly owned subsidiaries Grasscity and Smoke Cartel. The company plans to expand seed sales to additional online retail platforms within its portfolio in 2023.

"With our entry into this new and exciting complementary vertical, we continue to extend and strengthen our integrated value chain, providing our customers with a complete cannabis experience, in addition to the opportunity to further enhance our consolidated gross margin profile. This new business venture will greatly expand our U.S. customer base, which already sits at 2.4 million through our ancillary cannabis business lines, and sets us up well to take advantage of federal legalization in the United States when it comes. This further diversification into the U.S. seeds market also strengthens our Canadian discount club model, as this new vertical is expected to generate significantly higher gross margins than our core brick-and mortar-business, which will help us continue to offer unbeatable prices to our Cabana Club members," stated Raj Grover, president and CEO of High Tide.

Grant Of Restricted Share Units

Board of directors of the company approved a grant of 106,635 restricted share units to directors of the company pursuant to the company's restricted share unit plan. Each RSU entitles the holder to acquire one common share of the company upon vesting.

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Photo: Courtesy of CNW Group/High Tide Inc.

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